Harrison: Buzzing with Evolution

The July/August issue of INDUSTRY magazine features Harrison development and real estate.


Creating “modern urbanism” communities where factories and warehouses once stood is a hallmark of a development firm whose latest endeavor is attracting new life to Harrison

When completed, the seven-building mixed-use development rising adjacent to the PATH Station in Harrison will feature six buildings of 2,250 luxury residences and 80,000 square feet of retail space, and already features an Element Hotel with a retail concourse on a 27-acre site. Developed by Ironstate Development and The Pegasus Group, Harrison Station’s estimated total cost is $750 million.

Harrison, in Hudson County along the Passaic River, gained national recognition when visiting President William Howard Taft declared it a “Beehive of Industry,” a motto that stuck. Ironstate recognized the town’s assets, including a new soccer arena (home to Major League Soccer’s Red Bulls) and a vibrant multicultural community. What the town lacked was a modern, enticing residential/lifestyle component that would appeal to today’s urban tastes.

Ironstate’s ambitious development is based on the principles of New Urbanism, which combines residential units, retail, a hotel, pedestrian-friendly thoroughfares, and a progressive yet historically respectful design. The Harrison Station site had long been home to industry and warehouses. As directed by the community’s Waterfront Redevelopment Plan, the project provides a modern transit-oriented development that emphasizes environmental responsibility and community connectivity. Minno & Wasko Architects and Planners, based in Lambertville, was hired to provide the desired structural aesthetic for the residential aspects, and has completed other successful residential, commercial, mixed-use, and hotel projects, including the Bungalow Hotel and Le Club Avenue restaurant in Long Branch and 100 Marketplace in Bernards Township.


Harrison Station Grand Opens


This modern community space at Harrison Station 330 incorporates industrial elements in its interior design.

via NorthJersey.com – Harrison’s transformation into a dynamic transit-oriented neighborhood has taken another step forward with the launch of Harrison Station 330, a new collection of 329 modern rental apartments located one block from the town’s PATH station.

Mayor James A. Fife and fellow state and local officials joined developers Ironstate Development Company and The Pegasus Group on Thursday, December 3, to celebrate the grand opening of Harrison Station 330, which features studios, one- and two-bedroom residences, as well as a full suite of indoor and outdoor amenities and 9,600 square feet of street-level retail space. Immediate occupancy is available.

The architecturally-distinctive building is the third phase of a multi-phase development Ironstate and The Pegasus Group are executing adjacent to the Harrison PATH station that is spearheading the revitalization of the once industrial town. The project’s first two phases, which are completed and occupied, include 275 apartments, more than 20,000 square feet of street-level retail space and a 138-key Element hotel from Starwood Hotels & Resorts Worldwide, Inc. Once completed, the overall development will feature 2,250 residences and 80,000 square feet of retail space, in addition to the hotel.

“Our company’s core business is rooted in revitalization; recognizing an area’s untapped potential and creating the necessary elements for a vibrant, urban lifestyle experience,” said Michael Barry, president of Ironstate Holdings, LLC. “In Harrison, that meant building a neighborhood around the existing PATH station with new apartments, socially-interactive amenities, a lively streetscape of shops and dining, and a boutique hotel with a restaurant and bar. We’re thrilled to now introduce the latest offering of residences, which will continue to shape this new neighborhood while providing an exciting alternative to more expensive options in Jersey City and Hoboken.”

Harrison Station 330 builds on the success of the earlier development phases while carving out a distinct identity for itself. The building’s aesthetic provides a nod to the area’s industrial past yet showcases contemporary architecture and interior design.

Studios, one- and two-bedroom residences are currently offered at monthly rents starting from $1,555. Three fully-furnished model homes are open for public viewing.

“Each home at Harrison Station 330 was designed to maximize resident comfort,” said Jacqueline Urgo, president of The Marketing Directors, the community’s exclusive leasing and marketing agent. “High ceilings, oversized windows, designer finishes, washer/dryers and chef-inspired kitchens with top-of-the-line GE appliance packages are just a few of the details that make the living experience so exceptional.”

Also enhancing the living experience are thoughtfully-designed amenities, including a fully-attended chic lobby/lounge, state-of-the-art fitness center, residents’ lounge with business bar, an additional lounge with ping pong and a landscaped courtyard with a swimming pool, barbecues, a fire pit and an expansive lawn area. A parking garage and surface parking lot are also available.

Residents will also appreciate Harrison Station 330’s proximity to the Harrison PATH station, which provides convenient service to Newark, Jersey City, Hoboken and Manhattan. Route 280 and the New Jersey Turnpike are both easily accessible for motorists. Numerous shops, restaurants and attractions are located within the development.

“Our goal has always been to create a vibrant mixed-use community in Harrison in the same vein as Hoboken and Jersey City that respects the local fabric,” added Richard Miller, a principal with The Pegasus Group. “The pedestrian-friendly design and easy access to mass-transit service has clearly appealed to professionals and those interested in the New Urbanism lifestyle.”

For further information on Harrison Station 330, visit www. HarrisonSTN.com or call 973-484-3300. The community’s on-site leasing center is located at 330 Angelo Cifelli Drive.

Harrison Inspires Newark Ironbound Sale


in iconic Newark neighborhood 1 / 5 The five-acre property that includes the well-known Iberia Restaurant and two storage facilities, was placed on the open market earlier this month. (Dan Ivers/NJ Advance Media)

According to a recent report by Dan Ivers at NJ.com, the recent development boom in Harrison has spurred the owners of the Ironbound Iberia Restaurant to market their property for development.

Bidding has opened on a large piece of property in the Ironbound District that stakeholders say could forever change the course of Newark’s most iconic neighborhood.

The owners of the famed Iberia restaurant placed the 5.2-acre site on the open market earlier this month, and are courting developers who may see it as a prime parcel for a high-rise office or residential tower.

Frank Giantomasi, a real estate attorney with Chiesa, Shahinian & Giantomasi who is representing the owners in the potential sale, said the site – with frontage on major thoroughfares Market Street and Ferry Street – could be key in the city’s plans to attract new professionals seeking both easy access to Newark Penn Station and amenities including restaurants, shopping and nightlife.

“This could be the first development that truly creates a walking class of commuters,” he said.


The Iberia property is currently home to both the restaurant and two storage facilities, but is mostly occupied by blacktop parking spaces, which city officials have often lamented as a deterrent to major development as they look to create a transit-oriented district similar to what has sprung up around the PATH station in Harrison.

“We’re slowly losing against towns like Harrison, Jersey City, Hoboken to develop the area around Penn Station, so we can create the conditions to attract new people,” East Ward Councilman Augusto Amador told the Star-Ledger last year.


Jersey Sure! No longer is Newark’s shadow, Harrison embraces big-time development

Via Adam Bonislawski/New York Post

According to Mayor James Fife, Harrison, NJ, once held the state record for the most liquor licenses issued in a square mile. Today Harrison seems to be gunning for the title in a new category — building permits.

There’s a construction boom underway in this town, tucked into a bend of the Passaic River across from Newark.

Roughly 8,000 new residential units are slated to come to market in Harrison over the next decade, Fife says — this in a city with a population of just under 14,000. Add to that the opening four years ago of Red Bull Arena here — a 25,000-capacity stadium that serves as the home of Major League Soccer’s New York Red Bulls — plus a planned $256 million modernization of the Harrison PATH station, and you have a town on the make.

And what else accounts for its soaring appeal? As the old real estate saw would have it, location, location, location.

Elaine Lau, with daughter Violet, moved with her husband, Jonathan Proman, to the new Harrison Station complex, which will ultimately have 2,250 residences. Photo: Jennifer Brown for the New York Post

Elaine Lau, with daughter Violet, moved with her husband, Jonathan Proman, to the new Harrison Station complex, which will ultimately have 2,250 residences. Photo: Jennifer Brown for the New York Post

“Location is first and foremost,” says Michael Barry, president of Ironstate Development, which, with The Pegasus Group, is currently constructing their multi-phase, mixed-use Harrison Station development next to the Harrison PATH station.

Thus far, the partners have completed a 275-unit rental building — with studios from $1,460, one-bedrooms from $1,820, two-bedrooms from $2,155 — and are currently putting up a 329-unit rental building scheduled to open next year. They also last month opened a 138-room Element by Westin hotel as part of the project. When completed, the Harrison Station complex will comprise seven buildings, 2,250 residences and 80,000 square feet of retail space.

“Harrison is located on the PATH train, and that gives you direct access to Jersey City, New York City and Newark,” Barry says. “So essentially from the [town’s] redevelopment area, you’re less than five minutes into Newark, about a 10- to 12-minute ride into Jersey City, and about a 20-minute ride into New York City.”


Engineer Carl Lordi (inset) moved into a brand-new one-bedroom rental at Water’s Edge, a 141-unit building that opened last month. Amenities at the waterfront project include a two-level outdoor terrace with lounge seating and a firepit. Photo: http://www.simplyathos.com; Michael Sofronski

Engineer Carl Lordi (inset) moved into a brand-new one-bedroom rental at Water’s Edge, a 141-unit building that opened last month. Amenities at the waterfront project include a two-level outdoor terrace with lounge seating and a firepit. Photo: http://www.simplyathos.com; Michael Sofronski

“I think Harrison years ago recognized the very valuable asset they have in the PATH train, and like any other town they wanted to see the town blossom and grow — and so they designated a very large area around the train and what is now Red Bull Stadium a redevelopment area,” says Jonathan Schwartz, executive vice president of developer BNE. The firm completed a 176-unit condo project, River Park at Harrison, in 2007, and last month opened a 141-unit rental building, Water’s Edge, with studios from $1,495, one-bedrooms from $1,795 and two-bedrooms from $2,205.

Carl Lordi, a stationary engineer at Newark’s Penn Station, moved to a one-bedroom in the development shortly after it opened after watching it rise throughout the previous months.


Growth in West Hudson includes new Harrison Path station


When the Port Authority of New York and New Jersey gave the green light to a $256 million project to build a new Harrison PATH station last year, the announcement shone a spotlight on other redevelopment efforts in the region.

Those projects, also spurred by a strengthening economy, are chugging ahead in anticipation of the station’s projected 2017 opening.

Within Harrison’s 250-acre redevelopment zone, an eco-wise hotel will open next year and plans are under way for additional residential and commercial space. The recent economic upswing has also triggered movement on several long-awaited residential and retail projects in East Newark and Kearny.
George Cahn, president of Cahn Communications, which represents several of the Harrison developers, said Harrison’s appeal to developers lies in its convenient location with ready access to the PATH and local highways.

As proof, he pointed to the recent groundbreaking for Element Harrison, a 138-room Starwood Hotels & Resorts Worldwide Inc. hotel on Somerset Street. The seven-story LEED-certified structure, a joint venture between Ironstate Development and thePegasus Groupslated for completion in summer 2014, is the second phase of construction for Harrison Station, a mixed-use development.

Harrison Station’s first phase, which features 275 luxury rental units and 12,814 square feet of retail space, opened in 2011 and is fully leased. Businesses already located at Harrison Station include Five Guys Burgers and Fries and GNC; they will be joined by restaurant Sakura Japan next month, according to Cahn.

Groundbreaking for Harrison Station’s third phase, which will include a four-story structure with 329 rental residences and 8,675 square feet of retail space, will be held this summer, he added.

Elsewhere in West Hudson, an upscale 60-unit apartment complex on Passaic Avenue and President Street that has been under construction for more than a year is nearing completion and advertising for tenants, while in Kearny, Russo Development is slated to appear before the Kearny Planning Board in May to request modifications to its plan to construct rental units on Bergen Avenue east of Schuyler Avenue. The developer is seeking to construct townhouse-style units rather than the apartments in the original proposal, according to Mayor Al Santos.

Across town, a long-stalled project to redevelop a vacant factory that once manufactured aluminum baseball bats on Passaic Avenue may also finally inch ahead, Santos said. A new owner who purchased the site last year is seeking to demolish buildings that were seriously damaged there in a fire more than 25 years ago.

“We’re hoping that the buildings will be demolished this spring,” Santos said. “We’ve met with the owner a couple of times and his ideas for the property center around retail.”

Read More At NJ.COM >>>

5 million reasons for Harrison to be esctatic

via The Observer Online

It was six days after Independence Day but Harrison authorities had an excuse to belatedly shoot off fireworks if they’d wanted to do so.

That’s because on July 10, a day before they were due back in State Tax court ñ the New York Red Bulls dropped off a check for a cool $5,615,287.73 representing about two and a half years of back taxes plus 18% in interest fees.

The town and the Red Bulls, a professional soccer team that made its home in Harrison when it built a $200 million stadium off Frank E. Rodgers Boulevard, have been skirmishing over whether Harrison has the right to tax the teamís property.

The Red Bulls, represented by the Woodbridge law firm of Greenbaum Rowe Smith & Davis, LLP, argued that because the land occupied by the Red Bull Arena is publicly-owned and because the team is providing a public recreation service promoted by county and local government entities that issued some $40 million in bonds to acquire the land leased to the team, the property should be tax-exempt.

But in a Jan. 6 opinion, State Tax Court Judge Christine Nugent ruled otherwise, declaring that both the land and stadium should be subject to local property taxes.

Town Attorney Paul Zarbetski said last week that as part of a settlement agreement, the team will pay Harrison for the two remaining tax quarters of 2012 which will generate an additional $925,000 approximately.

However, Zarbetski added, the Red Bulls want to preserve their right to press on with its anti-tax arguments with the state appellate court for 2010 and 2011 and will likely file a new complaint to contest taxes for 2012.

The Red Bulls had been on the hook for an annual rent payment of $150,000 to the town but Zarbetski said that because the state tax judge has pronounced the Red Bulls land and stadium fully taxable, that fee will go by the boards.

Thomas J. Denitzio Jr., the attorney with the Woodbridge firm handling the Red Bulls case, would say only that his clients were ìpleased with the progress theyíve made in addressing the case,î but because the litigation is continuing, ìweíre precluded from discussing the case further.î

At any rate, Zarbetski and Harrison Mayor Raymond McDonough couldnít be happier about the timing of the Red Bullsí payment.

“Theyíre about 5% of our (municipal) tax levy,” Zarbetski noted, “so getting this money should bring us up to virtually 100%.”

Asked if Harrison would use the new revenue to hire additional employees, McDonough said: “No, we’ll just be banking the money, controlling the taxes. In fact, according to what my financial officer (Gabriela Simoes) tells me, if we hadnít gotten the money, there wouldíve been a (municipal) tax increase of $850 to $900 (on the average house) for this year, but now that increase should be only $200.”

The 2012 municipal budget has yet to be adopted by Harrison.

McDonough, meanwhile, is counting on the town seeing more revenues from local development projects, such as the new Element by Westin, a $38 million, 7-story, 138-room hotel to be built by Ironstate Development. Its first floor will contain the lobby and retail shops; the second floor will have meeting rooms, an indoor pool and a workout room.

This hotel will rise in front of the Harrison Parking Center garage on the west side of Frank E. Rodgers Boulevard and half-way up Somerset St.  Construction is expected to start next month and the hotel should open sometime in the first quarter of next year. Guests will park in the Harrison Parking Center garage as an additional expense.

The Pegasus Group and Ironstate, partnering to build Harrison Station, a mixed-use development of residential/retail next to the Harrison PATH station, have completed Phase 1, having rented all but one of the 275 apartments, according to Pegasus executive Richard Miller.

Last week McDonough said the town received a check for $307,000 from the Harrison Station developers representing their contribution to the townís Affordable Housing Trust Fund.

Of the 15,000 square feet of retail space targeted as part of the first phase of development, one tenant ñ Five Guys Burgers and Fries ñ has moved in and a second, Pronto Market ñ which has established a presence in Newarkís Ironbound section ñ will open shortly, Miller said. The remaining retail tenants are expected to be a Japanese restaurant, a vitamin store and a drycleaner, he said. Those shops should generate in excess of 100 jobs, according to Miller.

Directly across Frank E. Rodgers Blvd., Heller Urban Renewal is knocking down the old Hartz Mountain warehouses where the firm intends to build a mixed-use community of 747 one- and two-bedroom luxury apartments and 30,000 square feet of retail.

Harrison moving forward with redevelopment efforts

 By Rose Duger/For The Jersey Journal 

Harrison is moving forward with its redevelopment efforts by amending a plan adopted in 2003 to transform 250 acres of former industrial sites into a transit hub with residences, entertainment, hotels and other commercial uses.

Elected officials earlier this month introduced an ordinance approving amendments to the original plan.

The ordinance was scheduled for a public hearing Tuesday.

Mayor Raymond J. McDonough said the town approached the firms with which the town has redevelopment agreements to determine their interest in revising their plans.

“A year ago we approached all of the developers to see if they wanted to make changes to the plan,” said McDonough. “We spent hundreds of hours meeting with the developers and getting their ideas. Every developer has changes.”

The result is a revised plan that has jump-started the town’s more than decade-long redevelopment effort, with a host of groundbreakings on residential and retail complexes, as well as a hotel, expected later this year.

The plan notes that more than $287 million of public funds and more than $1 billion in private investment have already been expended or committed to various redevelopment projects in Harrison.

Susan Gruel of Heyer Gruel and Associates, the Red Bank-based firm that developed the original and amended plans, said the new proposals retain the town’s vision for the area, located along the Passaic River.

The plan incorporates a number of new elements, including a hotel district to recognize a 165-room Hampton Inn constructed in Harrison in 2004 and a 136-room Element by Westin approved for a site adjacent to the PATH station on Frank E. Rodgers Boulevard.

It also establishes Railroad Avenue from Frank E. Rodgers Boulevard to First Street as a retail district with active destination-type uses such as stores, restaurants, theaters, indoor recreation and entertainment facilities, art galleries and businesses.

The residential district now encompasses developments with both for-sale and rental units.

Other districts in the plan include a mixed-use district, a stadium district to acknowledge Red Bull Arena, a commercial district with a proposed medical office/wellness center and 10- to 25-story office building, a planned office district near the former PSE&G site to accommodate office towers up to 25 stories, an office/technology center district, a food-oriented district with restaurants and wholesale food distributors, a structured parking district incorporating a new parking garage and a parks/walkway district featuring a waterfront walkway along the Passaic River.

Starwood Hotels’ Eco-Wise Element Brand to Deliver Fresh, New Option in Greater Newark

Element Harrison is slated to open in Summer 2014, just minutes from Newark Liberty International Airport

STAMFORD, Conn., Apr 24, 2012(BUSINESS WIRE) — Starwood Hotels & Resorts Worldwide, Inc. today announced plans to open Element Harrison in Summer of 2014, just five miles from Newark Liberty International Airport. Owned and developed by Harrison Hotel 1, an entity of Ironstate Holdings, LLC, a Hoboken, NJ-based developer, and managed by Crescent Hotels & Resorts, Element Harrison will join Element Ewing Princeton as the brand’s second hotel in New Jersey. Starwood’s trailblazing eco-wise Element(R) brand delivers a smart new lodging option for travelers with 138 guest rooms and suites built green from the ground up.

Element Harrison will typify the “balance” that Starwood’s Element brand offers to business and leisure travelers. Just minutes from Newark, Jersey City and lower Manhattan, Element Harrison will be walking distance to a variety of shops and restaurants and within proximity to Newark’s business district. Less than 30 minutes from Manhattan’s financial district, the hotel is located right at the NJ PATH Harrison train station and close to the Newark Penn Station and the Gateway Center. The hotel will also be ideally situated in the heart of a growing sports and entertainment hub, including the newly-opened 25,000 seat soccer stadium for the NY Red Bulls professional soccer team in Harrison, and the Prudential Center in Newark, which is home to the New Jersey Devils professional hockey team, college basketball, concerts, family shows and special events throughout the year.

“Element Harrison will provide a fresh, new update on lodging that will appeal to travelers to the bustling Newark metropolitan area,” said Brian McGuinness, Senior Vice President of Specialty Select Brands for Starwood. “The Element brand offers guests a bright, energizing environment that’s conducive to both work and play.”

The Element brand made history with its 2008 launch. It is the first major hotel brand to mandate that all properties pursue the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) certification for high-performance buildings. More than just a “green” hotel brand, however, Element offers travelers a sophisticated setting with stylish rooms designed for comfort. Every signature detail aims to fuel a life in balance and on the move. Element Harrison will feature all the brand’s signatures, including:

– Rise, Element’s hearty and healthy complimentary breakfast

– Motion, a state-of-the-art, 24-hour fitness center

– Indoor Pool

– Relax, complimentary evening receptions

– Restore, a gourmet food pantry

– 1,500-square-feet of meeting space with modular furnishings, flexible layout and state-of-the-art technology that can be customized to meet and business or social needs

– Dynamic gathering spaces, from a lobby flooded with natural light to a multi-storied window wall and from an outdoor fire pit, to water features and a barbecue

– Light filled guest rooms with a fluid design of modular furniture, swiveling flat-screen televisions, large desks with open shelving, and custom-designed closets

– The signature Heavenly(R) Bed

– Spa-inspired bathrooms with an invigorating rain-shower and dual-flush toilet

– Fully equipped kitchens featuring filtered water, ENERGY STAR-rated appliances and utensils to prepare a gourmet meal

“We’re very excited to introduce Element to Harrison and expect the brand’s fusion of style, personal wellbeing and sustainability will resonate with guests,” said James Ronga, Vice President of Ironstate Holdings, LLC. “Our location adjacent to the PATH Station and so close to Newark Liberty International Airport will also make Element Harrison a highly attractive choice for travelers on the go.”

About Element Hotels

Accessible, affordable and active, Element Hotels is made to order for guests in the know and on the go. Its bright design defies convention, bathing guest rooms and public spaces in natural light. Stylish and sustainable throughout, Element offers comfort with a conscience and lots of signature amenities from its complimentary RISE healthy breakfast and RELAX evening reception to saline swimming pools, spacious fitness centers, bikes-to-borrow and electric vehicle charging stations.

Starwood’s latest brand innovation, Element made history in 2008 as the only major hotel brand to pursue LEED certification for high-performance buildings brand-wide. To date, there are Element hotels in 10 U.S. markets, with new domestic and international hotels in development. Visit http://www.ElementHotels.com or connect on Facebook and Twitter.

About Starwood Hotels & Resorts Worldwide, Inc.

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 1090 properties in 100 countries and territories with 154,000 employees at its owned and managed properties. Starwood Hotels is a fully integrated owner, operator and franchisor of hotels, resorts and residences with the following internationally renowned brands: St. Regis(R), The Luxury Collection(R), W(R), Westin(R), Le Meridien(R), Sheraton(R), Four Points(R) by Sheraton, and the recently launched Aloft(R), and Element(SM). Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visithttp://www.starwoodhotels.com .

About Ironstate Holdings, LLC

Ironstate Holdings, LLC (and Ironstate Development Company) is one of the largest privately held real estate development companies in the Northeast. Based in Hoboken, New Jersey, Ironstate engages in the development and management of large-scale mixed-use projects and has a diverse portfolio of apartments and hotels valued at several billion dollars. The Company’s multi-family portfolio comprises an extensive range of apartments, condominiums and retail and recreational spaces in key urban centers near mass transportation hubs, while its hospitality holdings include the W Hoboken Hotel along the Hudson River waterfront facing Manhattan. Ironstate has approximately $1 billion in the development pipeline, including the redevelopment of the former U.S. Naval Base on the waterfront in Staten Island, NY.

Additional information on Ironstate Development Company is available on the Company’s website at http://www.ironstate.net .

About Crescent Hotels & Resorts

With corporate offices in Fairfax, Va., outside of Washington, D.C., and Toronto, Canada, Crescent Hotels & Resorts owns, manages and co-invests in hotel real estate, and is a North American recognized Top 10 independent, third-party operator of hotels and resorts. The company currently owns or operates 68 hotels and resorts aggregating more than 14,000 rooms in the United States, Canada and the Caribbean. The company’s portfolio encompasses properties in the resort, luxury, upper upscale, boutique, convention and premium select-service segments, as well as legendary independent hotels and resorts. Additional information about Crescent Hotel & Resorts may be found on the company’s Web site http://www.chrco.com .

(note: This press release contains forward-looking statements within the meaning of federal securities regulations. Forward-looking statements are not guarantees of future performance or events and involve risks and uncertainties and other factors that may cause actual results or events to differ materially from those anticipated at the time the forward-looking statements are made. These risks and uncertainties are presented in detail in our filings with the Securities and Exchange Commission. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions)(note:we can give no assurance that our expectations will be attained or that results and events will not materially differ. We undertake no obligation to publicly update or revise any forward-looking statement)(note:whether as a result of new information)(note:future events or otherwise.)

SOURCE: Starwood Hotels & Resorts Worldwide, Inc.